Priorbank has been evaluated as “Most active trade finance bank in Belarus in 2008” for the third year in a row

05.02.2009

Priorbank JSC has been evaluated as “Most active Trade Finance Bank in Belarus in 2008” within the Trade Facilitation Programme of the European Bank for Reconstruction and Development (EBRD).

The award ceremony took place at the EBRD Annual Shareholders Meeting in London, January 2009. 19 countries and 643 banks took part in the programme.

Trade Facilitation Programme covers the region of the Central and Eastern Europe and is aimed at supporting and developing intra-regional and international trade. Through this programme the EBRD guarantees payment under trade finance instruments, taking the risks of the issuing banks, and offers direct financing of the selected banks in its countries of operations in the form of short term cash advances.

The banks, which financed the highest quantity of foreign trade transactions, were presented among the award nominees. Priorbank became the participant of the EBRD programme in 2000 and in 2003 signed the Revolving Credit Agreement. Presently the bank actively uses the attracted resources from the EBRD for letters of credit and guarantees, export programmes financing in the spheres of oil refinery, telecommunications, construction materials production, and packaging.

*****Priorbank JSC is a member of RZB Group and a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. In more than 3,100 business outlets 14.6 million customers are served. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns more than two thirds of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group.